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Many people lack a retirement plan

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Many working people who have reached retirement age may be thinking about retirement. They may be dreaming of a slower, less stressful life. There would be regular golf games, more time with the grandchildren and just a more carefree life.

But for a growing number of people that may not be reality. According to a study released by Federal Reserve, one in five U.S. citizens near retirement age have no money saved for retirement. This information was in an article written by Jonnelle Marte in the Washington Post that appeared in the August 11 Sun Sentinel.

This means many people will have to adjust how they plan to spend their golden years. "I did not make as much money as a younger man and I lost a lot of money during the recession. I work as a teacher now and I really don't know how I can retire," said Benjamin Holloway.

"It is too bad that so many people have not been able to save for retirement. It might be harder for older people to find high paying jobs later in life," said Carolyn Fitzgerald.

"For many people, it is just too hard to save money for retirement. I know because I work as a waitress in a restaurant. I have to pay my rent and I have two children to take care of. I know I should be putting some money away for retirement but I have a lot of bills to pay now. I have to live now. I can't worry about how I will live 25 years from now," said Renee Shipley.

"One problem is that too many companies cut pensions. They are not providing pensions and they are encouraging working people to go it alone. Most people are in no position to save a for a big retirement. They have bills to pay now," said Raymond Taylor.

"A major issue is that the economy hit a lot of people hard in recent years. This has meant that few people are in a position to save money for the distant future," said Kathryn Branson.

"I like the work I do as an artist and so I don't want to retire. I would hate being retired with nothing to do. I will work as long as I can," said Andrea Pohl.

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